Carnegie Investment Counsel
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 23, 2026), Carnegie Investment Counsel reported 564 stock positions worth $5.4 billion. Its top holding was Microsoft (MSFT) at 3.7% of the portfolio, followed by Alphabet Class A (GOOGL, 3.6%) and Apple (AAPL, 3.4%). Compared with Q3 2025, it opened 45 new positions, sold out of 33, added to 243 and reduced 202. The biggest buy was Lincoln Electric (LECO, shares +293%) and the biggest sale O'reilly Automotive (ORLY, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- PEPPER PIKE, OH
- CIK
- 0001511506
- Portfolio Value
- $5.4B (Q4 2025)
- SEC Filing
- 0001511506-26-000001 ↗ filed Jan 23, 2026
Holdings Value
Holdings 564 stocks · $5.4B
| MSFT Microsoft Corp. | 3.72% | 417,149 | $201.7M | Add +2.7% |
| GOOGL Alphabet Inc. Class A | 3.63% | 628,482 | $196.7M | Reduce -4.9% |
| AAPL Apple Inc. | 3.44% | 685,642 | $186.4M | Add +2.5% |
| JPM JPMorgan Chase & Co. | 2.49% | 419,147 | $135.1M | Add +4.8% |
| NVDA Nvidia Corp. | 2.41% | 699,594 | $130.5M | Reduce -0.8% |
| AVGO Broadcom Inc. | 2.25% | 351,598 | $121.7M | Reduce -9.6% |
| AMZN Amazon.com Inc. | 2.07% | 485,357 | $112.0M | Add +3.5% |
| META Meta Platforms Inc. Class A | 1.96% | 161,029 | $106.3M | Add +0.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.79% | 192,661 | $96.8M | Reduce -1.7% |
| MA Mastercard Inc. Class A | 1.49% | 141,766 | $80.9M | Reduce -0.9% |
| SCHW Schwab (charles) Corp. | 1.48% | 803,701 | $80.3M | Reduce -1.3% |
| SYK Stryker Corp. | 1.44% | 221,859 | $78.0M | Add +5.3% |
| GOOG Alphabet Inc. Class C | 1.35% | 233,662 | $73.3M | Reduce -4.0% |
| PGR Progressive Corp. | 1.21% | 288,590 | $65.7M | Add +1.4% |
| V Visa Inc. Class A | 1.18% | 182,740 | $64.1M | Add +0.4% |
| QCOM Qualcomm Inc. | 1.16% | 366,879 | $62.8M | Add +5.7% |
| ETN Eaton Corp. PLC | 1.13% | 192,335 | $61.3M | Reduce -1.1% |
| XLK SS Technology Select Sector | 0.98% | 370,688 | $53.4M | Add +0.7% |
| SPTI SS SPDR P Int Term TSY ETF | 0.96% | 1,809,234 | $52.2M | Add +1.4% |
| SHW The Sherwin-Williams Co. | 0.95% | 158,342 | $51.3M | Reduce -3.4% |
| AMAT Applied Materials Inc. | 0.92% | 194,445 | $50.0M | Reduce -3.1% |
| CB Chubb Ltd. | 0.90% | 155,825 | $48.6M | Add +10.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.90% | 71,255 | $48.6M | Reduce -2.7% |
| UBER Uber Technologies Inc. | 0.88% | 582,289 | $47.6M | Add +13.2% |
| BLK BlackRock Inc. | 0.81% | 40,838 | $43.7M | Reduce -0.6% |
| CME Cme Group Inc. | 0.79% | 157,196 | $42.9M | Add +0.9% |
| RTX RTX Corp. | 0.79% | 233,889 | $42.9M | Add +2.1% |
| ORLY O'reilly Automotive Inc. | 0.79% | 467,140 | $42.6M | Reduce -10.7% |
| ABT Abbott Laboratories | 0.74% | 318,798 | $39.9M | Add +3.1% |
| LNT Alliant Energy Corp. | 0.74% | 613,708 | $39.9M | Reduce -1.5% |
| ULTA Ulta Beauty Inc. | 0.71% | 63,748 | $38.6M | Reduce -0.4% |
| ZTS Zoetis Inc. | 0.71% | 304,489 | $38.3M | Reduce -10.6% |
| LOW Lowe's Cos Inc. | 0.71% | 158,832 | $38.3M | Reduce -0.6% |
| SPIB SS SPDR P Int C Corp. ETF | 0.70% | 1,123,142 | $38.0M | Add +0.7% |
| IQLT iShares MSCI International Q | 0.70% | 834,200 | $37.9M | Add +9.6% |
| RDDT Reddit Inc. Class A | 0.70% | 164,910 | $37.9M | Add +4.0% |
| ABBV Abbvie Inc. | 0.69% | 163,620 | $37.4M | Add +17.6% |
| HD Home Depot Inc. | 0.69% | 108,306 | $37.3M | Add +24.8% |
| NEE Nextera Energy Inc. | 0.68% | 458,141 | $36.8M | Add +9.4% |
| ECL Ecolab Inc. | 0.67% | 138,626 | $36.4M | Reduce -6.0% |
| UNH Unitedhealth Group Inc. | 0.66% | 107,880 | $35.6M | Add +2.1% |
| CRDO Credo Technology Group Holdi | 0.64% | 242,314 | $34.9M | Reduce -4.4% |
| AMGN Amgen Inc. | 0.64% | 106,311 | $34.8M | Reduce -0.9% |
| NSC Norfolk Southern Corp. | 0.63% | 118,961 | $34.3M | Add +0.2% |
| JNJ Johnson & Johnson | 0.61% | 160,092 | $33.1M | Add +13.9% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.61% | 412,877 | $33.1M | Add +3.7% |
| VZ Verizon Communications Inc. | 0.61% | 809,500 | $33.0M | Add +13.6% |
| VGSH Vanguard Short-Term Treasury | 0.59% | 540,332 | $31.7M | Add +0.2% |
| COST Costco Wholesale Corp. | 0.58% | 36,594 | $31.6M | Add +3.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.58% | 204,472 | $31.4M | Reduce -4.1% |
| NOC Northrop Grumman Corp. | 0.58% | 55,010 | $31.4M | Add +15.8% |
| DCI Donaldson Co. Inc. | 0.58% | 353,657 | $31.4M | Reduce -0.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.56% | 549,983 | $30.2M | Add +3.8% |
| CASY Casey's General Stores Inc. | 0.52% | 50,997 | $28.2M | Add +7.0% |
| TMO Thermo Fisher Scientific Inc. | 0.51% | 47,467 | $27.5M | Reduce -4.4% |
| PSA Public Storage | 0.51% | 105,808 | $27.5M | Reduce -6.2% |
| NET Cloudflare Inc. Class A | 0.49% | 134,784 | $26.6M | Reduce -11.9% |
| KRMN Karman Holdings Inc. | 0.47% | 345,030 | $25.2M | Add +38.4% |
| CART Maplebear Inc. | 0.46% | 557,350 | $25.1M | Add +2.6% |
| CVX Chevron Corp. | 0.45% | 161,130 | $24.6M | Add +13.5% |
| WMT Walmart Inc. | 0.45% | 217,318 | $24.2M | Add +7.7% |
| KNSL Kinsale Capital Group Inc. | 0.45% | 61,738 | $24.1M | Reduce -0.3% |
| MBB iShares MBS ETF | 0.44% | 252,676 | $24.1M | Add +1.3% |
| TEL Te Connectivity PLC | 0.44% | 104,980 | $23.9M | Reduce -8.4% |
| CSCO Cisco Systems Inc. | 0.43% | 304,219 | $23.4M | Add +11.4% |
| ANET Arista Networks Inc. | 0.42% | 174,701 | $22.9M | Add +1.3% |
| VIG Vanguard Dividend Apprec ETF | 0.42% | 104,022 | $22.9M | Reduce -4.5% |
| KMI Kinder Morgan Inc. | 0.41% | 812,442 | $22.3M | Add +7.6% |
| VOO Vanguard S&P 500 ETF | 0.41% | 35,253 | $22.1M | Add +2.9% |
| PAC Grupo Aeroportuario Pac-ADR | 0.40% | 82,478 | $21.7M | Add +0.5% |
| ROK Rockwell Automation Inc. | 0.40% | 55,541 | $21.6M | Reduce -6.4% |
| UNP Union Pacific Corp. | 0.39% | 91,406 | $21.1M | Reduce -4.4% |
| OTIS Otis Worldwide Corp. | 0.39% | 240,022 | $21.0M | Add +2.4% |
| SUB iShares Short-Term National | 0.39% | 195,892 | $20.9M | Reduce -0.5% |
| AMT American Tower Corp. | 0.38% | 116,605 | $20.5M | Reduce -9.4% |
| IBTG iShares Ibonds Dec 2026 Term | 0.37% | 877,139 | $20.1M | Add +10.6% |
| PLTR Palantir Technologies Inc. Class A | 0.37% | 112,445 | $20.0M | Reduce -5.1% |
| GEV GE Vernova Inc. | 0.37% | 30,408 | $19.9M | Reduce -2.9% |
| CSX CSX Corp. | 0.36% | 534,587 | $19.4M | Reduce -1.4% |
| LECO Lincoln Electric Holdings | 0.35% | 79,958 | $19.2M | Add +293.1% |
| SHOP Shopify Inc. Class A | 0.35% | 116,662 | $18.8M | Add +0.5% |
| SO The Southern Co. | 0.34% | 211,962 | $18.5M | Add +2.2% |
| TW Tradeweb Markets Inc. Class A | 0.34% | 171,357 | $18.4M | Add +2.9% |
| GRAL Grail Inc. | 0.34% | 213,050 | $18.2M | Reduce -13.2% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.33% | 359,160 | $18.1M | Reduce -0.7% |
| HII Huntington Ingalls Industrie | 0.32% | 51,330 | $17.5M | Add +0.1% |
| HOLX Hologic Inc. | 0.32% | 232,514 | $17.3M | Add +1.4% |
| EMR Emerson Electric Co. | 0.31% | 127,410 | $16.9M | Add +17.6% |
| XLF SS Financial Select Sector | 0.31% | 308,113 | $16.9M | Reduce -0.4% |
| SCHP Schwab U.S. Tips ETF | 0.31% | 632,275 | $16.6M | Add +2.9% |
| MTD Mettler-Toledo International | 0.30% | 11,843 | $16.5M | Add +0.1% |
| PM Philip Morris International | 0.30% | 102,849 | $16.5M | Reduce -1.6% |
| KO The Coca-Cola Co. | 0.30% | 229,530 | $16.0M | Add +116.0% |
| XLI SS Industrial Select Sector | 0.29% | 102,064 | $15.8M | Reduce -1.0% |
| MCD McDonald's Corp. | 0.28% | 50,447 | $15.4M | Add +5.3% |
| CTAS Cintas Corp. | 0.28% | 81,469 | $15.3M | Add +4.0% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.28% | 52,361 | $15.2M | Add +1.1% |
| RELX Relx PLC - Spon ADR | 0.28% | 375,344 | $15.2M | Add +2.2% |
| POST Post Holdings Inc. filed as POST HLDGS INC | 0.28% | 151,886 | $15.0M | Reduce -4.3% |
| LMT Lockheed Martin Corp. | 0.28% | 30,961 | $15.0M | Add +4.5% |
Portfolio Sells Q3 2025 → Q4 2025
| ORLY O'reilly Automotive Inc. | Reduce -10.7% | 0.79% | −0.28 |
| HIMS Hims & Hers Health Inc. | Reduce -69.3% | 0.06% | −0.27 |
| IBTF iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.25 |
| ETN Eaton Corp. PLC | Reduce -1.1% | 1.13% | −0.24 |
| ZTS Zoetis Inc. | Reduce -10.6% | 0.71% | −0.23 |
| SNPS Synopsys Inc. | Reduce -58.1% | 0.14% | −0.22 |
| AVGO Broadcom Inc. | Reduce -9.6% | 2.25% | −0.17 |
| SOUN Soundhound AI Inc. Class A | Reduce -3.8% | 0.24% | −0.17 |
| TOST Toast Inc. Class A | Reduce -95.6% | 0.01% | −0.15 |
| ACN Accenture PLC Class A | Reduce -56.2% | 0.13% | −0.15 |
| MRSH Marsh & McLennan Cos | Reduce -34.0% | 0.22% | −0.15 |
| NET Cloudflare Inc. Class A | Reduce -11.9% | 0.49% | −0.13 |
| SHW The Sherwin-Williams Co. | Reduce -3.4% | 0.95% | −0.12 |
| TMUS T-Mobile US Inc. | Reduce -22.4% | 0.22% | −0.12 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -94.0% | 0.01% | −0.12 |
| PSA Public Storage | Reduce -6.2% | 0.51% | −0.11 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -94.3% | 0.01% | −0.10 |
| BLK BlackRock Inc. | Reduce -0.6% | 0.81% | −0.10 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.09 |
| ECL Ecolab Inc. | Reduce -6.0% | 0.67% | −0.09 |
| AMT American Tower Corp. | Reduce -9.4% | 0.38% | −0.09 |
| WSO Watsco Inc. | Reduce -17.2% | 0.17% | −0.08 |
| GNRC Generac Holdings Inc. | Sold out | 0.00% | −0.08 |
| NVDA Nvidia Corp. | Reduce -0.8% | 2.41% | −0.07 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.7% | 1.79% | −0.07 |
| BSCP Invesco Bulletshares 2025 CB | Sold out | 0.00% | −0.06 |
| ZBRA Zebra Technologies Corp. Class A | Reduce -9.6% | 0.15% | −0.06 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -10.2% | 0.23% | −0.06 |
| LNT Alliant Energy Corp. | Reduce -1.5% | 0.74% | −0.06 |
| CRDO Credo Technology Group Holdi | Reduce -4.4% | 0.64% | −0.05 |
| KNSL Kinsale Capital Group Inc. | Reduce -0.3% | 0.45% | −0.05 |
| LOW Lowe's Cos Inc. | Reduce -0.6% | 0.71% | −0.05 |
| POST Post Holdings Inc. | Reduce -4.3% | 0.28% | −0.04 |
| BRBR Bellring Brands Inc. | Sold out | 0.00% | −0.04 |
| MA Mastercard Inc. Class A | Reduce -0.9% | 1.49% | −0.04 |
| ADBE Adobe Inc. | Reduce -41.3% | 0.05% | −0.04 |
| PLTR Palantir Technologies Inc. Class A | Reduce -5.1% | 0.37% | −0.04 |
| UNP Union Pacific Corp. | Reduce -4.4% | 0.39% | −0.04 |
| TSCO Tractor Supply Company | Reduce -0.5% | 0.21% | −0.04 |
| RSG Republic Services Inc. | Reduce -3.1% | 0.25% | −0.04 |
| OXY Occidental Petroleum Corp. | Sold out | 0.00% | −0.03 |
| TEL Te Connectivity PLC | Reduce -8.4% | 0.44% | −0.03 |
| WDAY Workday Inc. Class A | Reduce -16.6% | 0.08% | −0.03 |
| PYPL PayPal Holdings Inc. | Reduce -20.0% | 0.07% | −0.03 |
| CBU Community Financial System I | Sold out | 0.00% | −0.03 |
| LEN.B Lennar Corp. Class B | Reduce -7.1% | 0.07% | −0.03 |
| NBIS Nebius Group NV | Reduce -4.2% | 0.06% | −0.03 |
| HON Honeywell International Inc. | Reduce -20.8% | 0.07% | −0.03 |
| MPC Marathon Petroleum Corp. | Reduce -3.4% | 0.10% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.7% | 0.90% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| LECO Lincoln Electric Holdings | Add +293.1% | 0.35% | +0.26 |
| IBTH iShares Ibonds Dec 2027 Term | Add +1777.4% | 0.25% | +0.24 |
| AAPL Apple Inc. | Add +2.5% | 3.44% | +0.23 |
| UPST Upstart Holdings Inc. | New | 0.19% | +0.19 |
| ALAB Astera Labs Inc. | New | 0.19% | +0.19 |
| KO The Coca-Cola Co. | Add +116.0% | 0.30% | +0.16 |
| CB Chubb Ltd. | Add +10.6% | 0.90% | +0.15 |
| PFFD Global X US Preferred ETF | New | 0.14% | +0.14 |
| SCHB Schwab US Broad Market ETF | Add +589.0% | 0.16% | +0.14 |
| AMZN Amazon.com Inc. | Add +3.5% | 2.07% | +0.13 |
| KRMN Karman Holdings Inc. | Add +38.4% | 0.47% | +0.13 |
| JNJ Johnson & Johnson | Add +13.9% | 0.61% | +0.12 |
| JPM JPMorgan Chase & Co. | Add +4.8% | 2.49% | +0.11 |
| XOM Exxon Mobil Corp. | Add +93.0% | 0.20% | +0.10 |
| CRCL Circle Internet Group Inc. | New | 0.10% | +0.10 |
| CART Maplebear Inc. | Add +2.6% | 0.46% | +0.09 |
| NEE Nextera Energy Inc. | Add +9.4% | 0.68% | +0.08 |
| ABBV Abbvie Inc. | Add +17.6% | 0.69% | +0.08 |
| CSCO Cisco Systems Inc. | Add +11.4% | 0.43% | +0.08 |
| QXO Qxo Inc. | New | 0.08% | +0.08 |
| CVS CVS Health Corp. | New | 0.07% | +0.07 |
| QCOM Qualcomm Inc. | Add +5.7% | 1.16% | +0.07 |
| RTX RTX Corp. | Add +2.1% | 0.79% | +0.07 |
| BSV Vanguard Short-Term Bond ETF | New | 0.07% | +0.07 |
| IQLT iShares MSCI International Q | Add +9.6% | 0.70% | +0.07 |
| SCHF Schwab Intl Equity ETF | Add +403.7% | 0.08% | +0.06 |
| AXP American Express Co. | Add +132.1% | 0.10% | +0.06 |
| MUB iShares National Muni Bond E | New | 0.06% | +0.06 |
| WMT Walmart Inc. | Add +7.7% | 0.45% | +0.05 |
| DELL Dell Technologies -C | Add +140.8% | 0.10% | +0.05 |
| SDHY Pgim SHRT Durat Hi YLD | New | 0.05% | +0.05 |
| SCHD Schwab US DVD Equity ETF | Add +28.9% | 0.24% | +0.05 |
| MRK Merck & Co. Inc. | Add +15.8% | 0.17% | +0.05 |
| PFE Pfizer Inc. | Add +252.9% | 0.07% | +0.05 |
| EMR Emerson Electric Co. | Add +17.6% | 0.31% | +0.04 |
| HII Huntington Ingalls Industrie | Add +0.1% | 0.32% | +0.04 |
| WING Wingstop Inc. | Add +33.5% | 0.23% | +0.04 |
| BAC Bank of America Corp. | Add +3.8% | 0.56% | +0.04 |
| SETM Sprott Critical Material ETF | New | 0.04% | +0.04 |
| SCHO Schwab Short-Term US Treas | Add +879.4% | 0.04% | +0.04 |
| TFC Truist Financial Corp. | Add +57.8% | 0.10% | +0.04 |
| CVX Chevron Corp. | Add +13.5% | 0.45% | +0.04 |
| VTI VG Morningstar TS MKT ETF-US | Add +18.5% | 0.23% | +0.04 |
| PAC Grupo Aeroportuario Pac-ADR | Add +0.5% | 0.40% | +0.03 |
| COF Capital One Financial Corp. | Add +63.0% | 0.07% | +0.03 |
| NOC Northrop Grumman Corp. | Add +15.8% | 0.58% | +0.03 |
| COIN Coinbase Global Inc. Class A | Add +941.0% | 0.04% | +0.03 |
| MTD Mettler-Toledo International | Add +0.1% | 0.30% | +0.03 |
| HOLX Hologic Inc. | Add +1.4% | 0.32% | +0.03 |
| IBTG iShares Ibonds Dec 2026 Term | Add +10.6% | 0.37% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 547 | $5.0B | GOOGL, AAPL, MSFT, AVGO, JPM |
| Q1 2026 | 559 | $5.1B | GOOGL, AAPL, MSFT, JPM, NVDA |
| Q4 2025 | 564 | $5.4B | MSFT, GOOGL, AAPL, JPM, NVDA |
| Q3 2025 | 551 | $5.3B | MSFT, AAPL, GOOGL, NVDA, AVGO |
| Q2 2025 | 541 | $5.0B | MSFT, AAPL, META, JPM, GOOGL |
| Q1 2025 | 482 | $4.2B | MSFT, AAPL, BRK.B, GOOGL, JPM |
| Q4 2024 | 455 | $3.5B | AAPL, MSFT, NVDA, AMZN, JPM |
| Q3 2024 | 463 | $3.4B | AAPL, MSFT, NVDA, AMZN, BRK.B |
| Q2 2024 | 466 | $3.2B | AAPL, MSFT, NVDA, AMZN, GOOGL |
| Q1 2024 | 492 | $3.2B | AAPL, MSFT, NVDA, AMZN, BRK.B |